Kenya fresh produce startup Twiga has closed a $50 million Serie C equity funding round from Creadev with participation from IFC Ventures, TLcom Capital, Juven, DOB Equity, OP Finnfund Global, and Endeavor Catalyst Fund. The funds will go toward furthering its regional expansion in the hopes of achieving unicorn status within the next half a decade, as reported by Bloomberg.
Thus far Twiga has raised $100 million in line with Crunchbase figures. After several services offering variations with time, Twiga’s B2B e-commerce food distribution platform supports over 100,000 customers across Kenya while delivering over 600,000 metric tons worth of product to over 10,000 retailers daily. In a TechCrunch interview, CEO and Co-founder Peter Njonjo further revealed that the company is working on a proof of concept aimed at developing alternate ways of producing food in Africa while covering both ends of traceability and mass scale. This should see a 30% reduction in the price customers pay for popular plant-based foods.
In October 2019, Twiga closed a $30 million Serie B round led by Goldman Sachs. This investment comprised of a $23.75 million equity and $6.25 million debt round. The company also completed a $10 million raise led by International Finance Corporation and TLcom Capital in 2018. In 2017, Twiga completed a $10.3 million Series A round led by Wamda Capital.
Excited to close our Series C, led by Creadev, #Twiga, https://t.co/8LM2ZbKWyy
— Peter Njonjo (@njonjo2012) November 1, 2021